$The popular dog-themed cryptocurrency, Shiba Inu (CRYPTO:$SHIB ), surged sharply on Wednesday amid a widespread market rally.
What happened
The second-largest meme cryptocurrency by market capitalization rose more than 7% in the last 24 hours, outperforming its larger sibling, Dogecoin (CRYPTO:DOGE).
The surge came after Bitcoin returned to the $100,000 level, prompting the widespread market rally.
Analyst JAVON MARKS predicted a major upward movement for SHIB, with a target of $0.000081.
"With this target of $0.000081 still in play, we could soon witness a rise of over 180%, and it may have already started to take effect as we speak," commented the analyst.
https://twitter.com/JavonTM1/status/1866863114106589234
The readings from the moving averages also supported the bullish potential of the cryptocurrency. Almost all of SHIB's exponential and simple moving averages showed a 'buy' signal, according to TradingView.
The Bull Bear Power indicator, which is used to measure the strength of buyers and sellers in the market, also showed a 'buy' signal.
However, the balance maintained by long-term investors in SHIB decreased by 0.08% in the last 24 hours, according to IntoTheBlock data. This suggests that the prevailing activity in the market was selling rather than long-term accumulation (HODLing).
Derivatives traders also increased their bearish bets, with a short ratio of total speculative bets that has skyrocketed, according to Coinglass data.
Shiba Inu Price Movement
At the time of publication, SHIB was trading at $0.00002914, representing a 7.51% increase in the last 24 hours, according to Benzinga Pro data.